Reddit User Links Alleged Tether Theft to Previous Blockchain Hack

In a recent turn of events, it appears that the people behind the alleged theft of $31 million worth of US dollar-backed digital tokens owned by Tether are also responsible for a high-profile hack that occurred a couple of years back.

The company behind the highly controversial digital currency Tether said that they have been robbed last Monday night, causing an upstream of controversy on its backers as well as its overall role in market movements for Bitcoin.

Unsurprisingly, the transparency of data that can be gathered from the blockchain led some people to try and find an answer to all of this.

In the subreddits r/cryptocurrency and r/bitcoin, a user that goes by the username of SpeedflyChris made a link between the recent Tether robbing and the 2015 Bitstamp $5 million hack, which at the time was a weeks-long attempt to phish out the exchange’s resources.

In the middle of SpeedflyChris’ scrutiny is this wallet, for which Bitstamp transactions date back to January 2015.

As the Reddit user points out, the address was allegedly used to dispatch bitcoins to another address, which later collected 21 transactions from Nov. 19 that contained tokens from Tether.

Additionally, SpeedlyChris’ investigation is also indicative of the primary address that is being scrutinized is also linked with several thefts back in 2015 concerning Huobi, a China-based Bitcoin exchange.

What now?

The digital currency blockchain has always had a shady reputation to some extent, what with hackers and scams that can go rampant, yet the data sent over the network still offers transparency.

However, this can also serve as one of its biggest weaknesses, as the absence of identity with these transactions means that people can only dig so much before reaching a digital dead end.